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Thursday, May 26, 2022

Clear the way for Giropay’s next stage of expansion

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Bonn/Berlin (dpa) – German banks and savings banks can take the next step by merging their online payment services.

On Friday, the German banking industry celebrated the Federal Cartel Office’s decision to give the green light to Giropay’s next stage of expansion. Since last year, the institutes have been gradually merging their Paydirekt, Giropay and Kwitt online payment methods under the Giropay brand. Customers should be able to pay uniformly on the Internet. The integration of Girocard into Giropay is expected to be completed in the second half of 2022.

According to the Bundeskartellamt, it has no objections to the further development of Giropay. “As an Internet payment method, Giropay competes with strong providers such as Paypal, Visa or Mastercard,” the president of the Federal Cartel Office, Andreas Mundt, said on Thursday. According to the information, the cooperation partners refrained from securing their investments in Giropay with an exclusivity agreement. On the other hand, the Cartel Office had expressed concern about a possible restriction of competition for innovation.

According to the German banking industry, this paves the way for the digital Girocard to be used for widespread payment in online retail via the Giropay brand. According to Paydirekt GmbH, in future Giropay users will be able to pay for their purchases online with a username and password, via an app, online banking login details or the digital Girocard. The national credit industry wants to stand up to Paypal, Apple Pay and Co. with Giropay.

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